INTEGRATED BIOPHARMA INC
INBPdata completeness 88%15 fiscal years on fileINTEGRATED BIOPHARMA INC earns about 12% on invested capital, comfortably above its ~9% cost of capital, and has bought back 3% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $0.27 and $0.63 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $63.6M1 | $56.2M2 | $50.7M3 | $50.3M4 | $54.4M4 |
| Net income | $8.01M5 | $3.84M6 | −$34,0007 | $112,0008 | $808,0008 |
| Operating cash flow | $3.05M9 | $4.09M10 | $1.23M11 | $943,00012 | $2.07M12 |
| Capital expenditure | $295,00013 | $486,00014 | $116,00015 | $553,00016 | $191,00016 |
| Free cash flow (derived) | $2.76M9 | $3.61M10 | $1.12M11 | $390,00012 | $1.87M12 |
| Total debt | $5.1M17 | $186,00018 | $49,00018 | — | — |
| Cash & equivalents | $210,00019 | $331,00020 | $1.32M21 | $1.68M22 | $3.62M22 |
| Diluted shares | 32.1M | 32.3M | 29.9M | 30.9M | 31.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $6.52 of net worth that earned you $0.26 and generated $0.6 of cash last year.
It earned about 12% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 99% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $0.27 and $0.63 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$1.12M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$1.12M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$808,000
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.63 |
| Base | 0.0% | $0.63 |
| Bull | 5.0% | $0.75 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-06-30 · accession 0001437749-22-022334 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2022-06-30 · accession 0001437749-23-026022 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2023-06-30 · accession 0001437749-24-029768 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2024-06-30 · accession 0001437749-25-029711 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2021-06-30 · accession 0001437749-22-022334 (NetIncomeLoss)
- 10-K · period ending 2022-06-30 · accession 0001437749-23-026022 (NetIncomeLoss)
- 10-K · period ending 2023-06-30 · accession 0001437749-24-029768 (NetIncomeLoss)
- 10-K · period ending 2024-06-30 · accession 0001437749-25-029711 (NetIncomeLoss)
- 10-K · period ending 2021-06-30 · accession 0001437749-22-022334 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-06-30 · accession 0001437749-23-026022 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-06-30 · accession 0001437749-24-029768 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-06-30 · accession 0001437749-25-029711 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-06-30 · accession 0001437749-22-022334 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-06-30 · accession 0001437749-23-026022 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-06-30 · accession 0001437749-24-029768 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-06-30 · accession 0001437749-25-029711 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-06-30 · accession 0001437749-22-022334 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-06-30 · accession 0001437749-23-026022 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-06-30 · accession 0001437749-22-022334 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-06-30 · accession 0001437749-23-026022 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-06-30 · accession 0001437749-24-029768 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-06-30 · accession 0001437749-25-029711 (CashAndCashEquivalentsAtCarryingValue)